In one of the largest transactions in sports business history, the Los Angeles Lakers are being acquired by a new majority owner. The Buss family, which has owned the NBA franchise for over four decades, has reached an agreement to sell their majority interest to Los Angeles Dodgers owner Mark Walter in a transaction valuing the Lakers at an astonishing $10 billion.

The deal was so huge that it even eclipsed the previous high set by the Boston Celtics' $6.1 billion transaction. With the new ownership, it's expected that the team will turn things around next season.

Lakers Under the Buss Family

Lakers Sold in Record-Breaking $10 Billion Deal as Buss Family Lakers Sold in Record-Breaking $10 Billion Deal as Buss Family
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According to TMZ Sports, Dr. Jerry Buss bought the Lakers in 1979 for $67.5 million. Under his stewardship, the team won 10 NBA championships and rose to become a world basketball giant. His daughter Jeanie Buss became the controlling owner after his passing in 2013 and continued her father's legacy while adapting to the new business world of professional basketball.

Even with the sale, Jeanie Buss will continue to be involved with the franchise as the team's Governor, and there will be a sense of continuity and ongoing link to her family's legendary ownership of the organization.

Lakers legend and NBA Hall of Famer Magic Johnson commended the deal, terming it "an incredible deal" and believing in Walter's vision to take the franchise into the future.

Who Is Mark Walter?

Mark Walter is familiar to Los Angeles sports audiences. He is the CEO of Guggenheim Partners and already has a stake in the Lakers. Walter also owns the controlling interest in the Los Angeles Dodgers and is a co-owner of the Los Angeles Sparks, Chelsea FC, and the soon-to-be-formed Cadillac Formula 1 team.

With this latest purchase, Walter is among the most powerful sports owners in the world, possessing a multi-league collection that includes MLB, NBA, WNBA, F1, NHL, and global soccer.

Is This Good News For the Rest of the NBA Owners?

Although the specifics of the Buss family's remaining interest aren't known, the change in majority ownership is anticipated to fuel new discussion of the Lakers' future trajectory, on and off the court.

As for the rest of the NBA owners, the Lakers' acquisition under Walter is good news. With Adam Silver signaling a potential expansion, this is a massive advantage not just for the Lakers, but for every owner.

CBS Sports explained that there's an equal splitting of sales price for the existing owners. If there are 30 teams in the NBA, that would be split in 30 pieces. The outlet said that each team will have an extra dollar or another three cents. If we multiply the three cents millions or billions of times, it's a money for NBA owners.

Luka Dončić is also a winner in this Lakers sale. Sure enough, the organization will emulate what the Dodgers had done by not missing the playoffs since their first season as a team. Building around the Slovenian phenom will be the best move that Walter can make to preserve the championship culture of LA. He has all the assets and knowledge to do that.